Hypervalent iodine(V) derivatives such as 2-iodoxybenzoic acid (IBX) and Dess±Martin periodinane [DMP; 1,1,1-tris(acetyloxy)-1,1-dihydro-1,2-benziodoxol-3-(1H)-one] have been used widely for the oxidation of alcohols to aldehydes and ketones during the last decade because of their high chemoselectivity, mild reactivity, and high yielding process. This review focuses on the recent progress in the oxidation of alcohols to carbonyl compounds using IBX, DMP, and other hypervalent iodine reagents, and their application to total syntheses of a variety of complex natural products.